China Caixin Services PMI: Growth Softens Slightly in April
China Caixin April services PMI came at 51.8 vs 52.6 expected and 52.2
last, which represents a second consecutive month of expansion.
Meanwhile, the composite reading stood at 50.8, down from 51.3.
Commenting
on the China General Services PMI™ data, Dr. He Fan, Chief Economist at
Caixin Insight Group said: “The headline Caixin China General Services
PMI for April came in at 51.8, down 0.4 points from March, but the
employment category picked up strongly and rose to above the neutral
50-point mark. The Caixin China Composite Output Index for April was
50.8, still above the neutral mark, but down 0.5 points from the
previous month. Expansion in the services sector helped offset some of
the impact caused by flagging manufacturing. Overall, however, the
economy still faces relatively strong downward pressure. The government
needs to keep implementing moderate stimulus to prevent a hard landing
of the economy.”
